The headline below sure caught my eye when reading the newsletter I get from the CALIFORNIA ASSOCIATION OF REALTORS® called C. A. R. Newsline. When I read these statistics for California, I always check what the same is for Napa Valley in my multiple listing service, BAREIS.
For all residential properties which sold in Napa County for the same period, 122 had negative equity of the 549 sales. This is 22.2 %, a little higher than the national average below. When I checked all the active, for sale properties, only 16 of 430 were underwater, 3.7 %. This number for all properties in escrow is 27.9 %. This very low number of underwater properties currently for sale is definite proof the local market has improved dramatically. Given this is probably close to our historical average, I will venture to say we have nearly recovered fully in our housing market. The only thing a bit lower than the 2007 peak is the average sold homes price which is still 28.9 % less.
Homes with negative equity declines in Q2
CoreLogic recently released its new analysis showing approximately 2.5 million more residential properties returned to a state of positive equity during the second quarter of 2013, and the total number of mortgaged residential properties with equity currently stands at 41.5 million. The analysis shows that 7.1 million homes, or 14.5 percent of all residential properties with a mortgage, were still in negative equity at the end of the second quarter of 2013. This figure is down from 9.6 million homes, or 19.7 percent of all residential properties with a mortgage, at the end of the first quarter of 2013.
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